Is It Worth Buying a Home in Nashville, TN?
The decision to rent or buy in Nashville, Tennessee depends on how long you plan to stay, your down payment, and current mortgage rates. With a median home price of $475,000 and median monthly rent of $2,000, the math plays out differently depending on your personal situation.
Nashville has an average property tax rate of 0.65% annually, which adds approximately $257/month to the cost of homeownership on a median-priced home.
Historically, home values in Nashville have appreciated at roughly 4.2% per year, which works in favor of buyers who plan to stay long-term. Use the calculator above to find your personal break-even point.
Key Factors for Nashville Buyers
- Down payment of 20% on a median home = $95,000
- Monthly mortgage (30yr at 6.99%) ≈ $2,526/mo
- Property tax ≈ $257/mo
- Estimated maintenance ≈ $396/mo